It was early 2012 when we took on the challenge of making payments a happy and seamless experience between friends. As friends we shared a lot, but sharing payments always left us with a bitter taste.
That’s why we created Happay – a mobile wallet that enabled you to pay any friend instantly with just his/her mobile number.
It was India’s first network and bank agnostic, peer-to-peer payment product and it resonated well with students and young professionals.
We had over 200,000 registered users on the app.
Interestingly, during the early days, we started receiving a lot of queries from businesses with varied requirements for innovative payment solutions to make their operations more efficient.
This is what some of them said-
“Hey I need to reimburse employees instantly – can I use happay?”
“I need to pay factory labours, in a cashless manner. Do you have bulk payments?”
“We make around 50-60 vendor payments a month and the process is very manual. How about a 1-click vendor payment portal?”
These left us wondering – Are we not clear enough in our positioning as a B2C product?
THE PROBLEM WITH B2B PAYMENTS
The last decade has been great for consumer payments. This segment has seen a lot of technology innovations – from mobile wallets and P2P to NFC and Apple Pay.
But sadly, there has been no innovation in payments for businesses. They still have to make do with the same old current accounts, check books and petty cash to manage all of their complex and distributed operations.
The banking industry is difficult to collaborate with.
With increasing regulations, banks find themselves spending more time on compliance and less time on innovation.
Other major problem is that banks usually ask the corporations to fit in to their centralised banking system rather than the other way round.
Businesses in the modern age that are looking for more transparency, more visibility, more efficiency and more cost effectiveness are left with no choice but to follow the age-old, traditional payment processes.
We wanted to change this!
Our new mission was to give businesses the same level of flexibility and choice that we have as consumers, with regard to payments.
THE PIVOT: A CHANGE IN STRATEGY WITHOUT A CHANGE IN VISION
With the same vision of ‘making payments a happy experience’, we pivoted from simplifying consumer payments to reinventing business payments.
One area of b2b payments that we began to disrupt was business expense management. The age-old, sluggish and broken expense workflow needed a change and we decided to be just that!
We developed the most innovative and powerful payments platform linked to VISA cards that provided business the much needed flexibility in managing their operations.
MAKING PAYMENTS A HAPPY EXPERIENCE FOR BUSINESSES
Glancing over our initial days of the Happay P2P app, we think we have come a long way- we are now much deeper into payments. We have partnered with VISA, the most progressive payment processor of the world and, the progressive and innovative RBL bank.
From our first product, we learnt that a new product, technology or service must be at least 10X better than the existing ones to disrupt the market. We took it a notch higher and made Business Expense Management 18X more efficient for businesses.
Currently, our customers are saving over INR 170 in processing one expense report. (The cost of manual process for expense reporting is Rs 200 per report. With Happay it is Rs 22).
Get started with happay at www.happay.in.